Weekly Agri- Commodities Recap: 22-26/07/24
Jul 29, 2024
The week started with a wheat market in Central and Northern Europe that paused as harvests began in Germany, Poland, Lithuania, and Latvia, with Baltic countries reporting lower protein levels but higher yields. The Black Sea region sold over 1.6 million metric tons of wheat for August and September shipments. Tunisia announced a tender for 100,000 metric tons of animal feed barley, while Jordan issued tenders for 120,000 metric tons each of barley and wheat.
On Tuesday, Baltic countries continued their harvest, showing slightly lower quality wheat with high yields. French wheat quality concerns held Matif steady, and Russian wheat prices remained below $220. Romania’s Constanta port shipped 4.2 million metric tons of Ukrainian grain in the first half of the year, while USDA reported slight declines in US corn condition and stable ratings for soybeans and spring wheat.
On Wednesday, Jordan is reported to have made no acquisitions in its tender for 120,000 metric tons of milling wheat, with a new tender expected soon. Brazil’s soybean exports were projected at 10.43 million tons for July, with corn exports slightly higher at 4.56 million tons. Sovecon raised its wheat crop forecast for 2024 to 84.2 million tons and the total grain crop to 130.5 million tons.
Thursday saw Chicago corn and wheat futures saw marginal gains, while Minneapolis wheat declined due to better spring wheat yields. Barley demand from the Black Sea remained strong, though offers were drying up as the harvest wrapped up. Algeria tendered for barley, influencing the market tone. SovEcon increased wheat and barley harvest projections but lowered the corn forecast.
On Friday, wheat futures dropped while corn remained slightly firmer. Concerns over French wheat quality persisted, potentially impacting MATIF specs. Egypt maintained bread prices despite rising diesel costs. USDA reported weekly export sales, with wheat at 309,300 tons for the current marketing year and corn at 331,400 tons. Overall, futures markets closed lower, with Russia’s wheat crop increasing while France’s suffered.
Weekly Recaps
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Agri- Commodities:
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Grain markets experienced another volatile week as political developments, trade disputes, and bearish USDA data drove sentiment. Early in the week, soybeans surged on speculation that Chinese buying might resume following Donald Trump’s extension of tariff pauses, but corn and wheat failed to follow. Export inspections painted a mixed picture, with corn and soybeans performing well while wheat lagged. The USDA’s August WASDE loomed large over the market, with traders bracing for higher yield estimates.
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Freight Recap:
14/08/25
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Agri- Commodities:
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Grain markets swung sharply this week, rebounding midweek before easing, driven by yield outlooks, export data, and geopolitical headlines.
Freight
Freight Recap:
7/08/25
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